Commissions

North America

Our transparent Tiered pricing for stocks, ETFs (Exchange Traded Products, or ETPs) and warrants includes our low broker commission, which decreases depending on volume, plus exchange, regulatory, and clearing fees. In cases where an exchange provides a rebate, we pass some or all of the savings directly back to you. 1

In the event that IB receives a rebate for executing a trade in a Regulation NMS stock at a market-maker, dark pool, or with a liquidity provider in the IB ATS, IB will pass the full amount of that rebate to Tiered-commission customers as a venue rebate.

United States - Trade Allocation Minimum Commissions

We charge a minimum fee for US stock trades allocated by Advisors to their clients. Advisors can choose to charge the allocation minimum fee to their master account or to the client account. By default, the allocation minimum is charged to the client account unless there is a specific rate arrangement between the client and the master account.

Canada - Clearing Fees (per Share)

Canada - Transaction Fees

Regulatory Fee

CAD 0.00011 per share/capped at CAD 3.30 per trade (not per order)

Notes:

IBKR's Tiered commission models are not intended to be a direct pass-through of exchange and third-party fees and rebates. Costs passed on to clients in IBKR’s Tiered commission schedule may be greater than the costs paid by IBKR to the relevant exchange, regulator, clearinghouse or third party. For example, IBKR may receive volume discounts that are not passed on to clients. Likewise, rebates passed on to clients by IBKR may be less than the rebates IBKR receives from the relevant market. For example, IBKR may receive enhanced rebate payments for exceeding volume thresholds on particular markets, but typically will not pass these enhancements directly to clients. Average per Share Rebate Amounts for Regulation NMS Stocks are reported on the Interactive Brokers Rule 606 Quarterly Order Routing Report. Click here to view copy of the Report.

Volume tiers are applied based on monthly cumulative trade volume summed across all US and Canadian stock and ETF shares at the time of the trade. Only shares that are traded while under the Tiered pricing structure will count towards the monthly volume. Share volumes for advisor, institutions, and broker accounts are summed across all accounts for the purpose of determining volume breaks. These fees are applied on a marginal basis for a given calendar month. If for example, you execute 500,000 US shares in a month, your IB Tiered fees would be:

300,000 shares at USD 0.0035

200,000 shares at USD 0.002

Transaction fees are only charged for sell orders.

No exchange, clearing or transaction fees charged.

Maximum USD 5.95 per trade. In the case of partial executions, each execution is considered one trade.

Maximum 0.5% of trade value.

Orders where the commission cap is applied do not count towards the monthly volume tiers.

In the event the calculated maximum per order is less than the minimum per order, the maximum per order will be assessed. For example, a purchase to buy 10 shares of a $0.20 stock will be charged $0.02 (10 shares x 0.0035/share = 0.035 commission, minimum 0.35 per Order, capped at 10 shares x 0.20 x 1% = 0.02). Note, external fees will be added to the IB commission for those on the Tiered commission structure.

Commissions apply to all order types.

IB's Tiered fee will be capped at 0.5% of trade value.

When using SmartRouting, clients should be aware that IB may route the order to an exchange with a better quoted price but with substantially higher fees. In particular, clients should understand the ECN charges for removing liquidity when sending marketable orders for low priced stocks (under USD 2.50).

All exchange, special and other fees are charged on a per-share basis.

In the Tiered commission structure, clients may or may not be eligible to receive direct credit for rebates paid for certain types of orders executed at various market centers. For example, IB may receive enhanced rebate payments as a result of exceeding volume thresholds on particular markets, but typically will not directly pass these enhancements to customers. Likewise, IB does not pass to customers all of the rebates IB may receive for orders in pink sheet or OTCBB stocks.

Please note that directed API orders cannot use the Tiered fee structure. Smart-routed API orders can use either the Tiered or Fixed structure.

VAT, also referred to as consumption tax, goods and services tax, where applicable, will be separately applied for eligible services.

Modified orders will be treated as the cancellation and replacement of an existing order with a new order. On certain exchanges, this may have the effect of subjecting modified orders to commission minimums as if they were new orders. For example, if an order for 200 shares is submitted and 100 shares execute, then you modify the order and another 100 shares execute, a commission minimum would be applied to both 100 share orders. Orders that persist overnight will be considered a new order for the purposes of determining order minimums.

If IB receives a rebate payment for a pink sheet or OTCBB execution, this rebate is not passed to the clients.

Accumulate/Distribute and Scale Orders will be subject to standard IB Order
minimums for each new slice of the algorithm which is submitted.

Europe

Our transparent Tiered pricing for stocks, ETFs and warrants includes our low broker commission, which decreases depending on volume, plus exchange, regulatory, and clearing fees. In cases where an exchange provides a rebate, we pass some or all of the savings directly back to you 1. Click here for an example.

Tiered pricing is not available for all exchanges. Please review the list of exchanges below.

United Kingdom - External Fees

IB's Tiered commission models are not guaranteed to be a direct pass-through of exchange and third-party fees and rebates. Costs passed on to clients in IB's Tiered commission schedule may be greater than the costs paid by IB to the relevant exchange, regulator, clearinghouse or third party. For example, IB may receive volume discounts that are not passed on to clients. Likewise, rebates passed on to clients by IB may be less than the rebates IB receives from the relevant market. Additionally, IB may receive enhanced rebate payments for exceeding volume thresholds on particular markets, but typically will not pass these enhancements directly to clients.

Tiered pricing is not available for all European exchanges. Please review the list of exchanges above.

For more information on how the monthly tiers are calculated, please click here.

Stamp taxes (UK=0.5%, Ireland=1%) are directly passed through to the clients.

IB is also required to charge the Panel of Takeovers and Mergers Levy of GBP 1.00
on all orders over GBP 10,000 on shares of companies registered in the United
Kingdom, Isle of Man or Channel Islands.

Value tiers are applied based on monthly cumulative trade volume summed across all stock, warrants and ETF shares. This is calculated once daily, not at the time of the trade. As such, execution reductions will start the next trading day after the threshold has been exceeded. Only shares that are traded while under the Tiered pricing structure will count towards the monthly volume. Share volumes for advisor, institution, and broker accounts are summed across all accounts for the purpose of determining volume breaks. These fees are applied on a marginal basis for a given calendar month.

VAT, also referred to as consumption tax, goods and services tax, where applicable, will be separately applied for eligible services.

Modified orders will be treated as the cancellation and replacement of an existing order with a new order. On certain exchanges, this may have the effect of subjecting modified orders to commission minimums as if they were new orders. For example, if an order for 200 shares is submitted and 100 shares execute, then you modify the order and another 100 shares execute, a commission minimum would be applied to both 100 share orders. Orders that persist overnight will be considered a new order for the purposes of determining order minimums.

Effective August 1, 2012, securities issued by French companies with a market capitalization of 1 billion EUR as of January 1, 2012 will be subject to a transaction tax. For additional details regarding the calculation of the tax, please refer here.

Please note that directed API orders cannot use the Tiered fee structure. Smart-routed API orders can use either the Tiered or Fixed structure.

Effective March 1, 2013, certain Italian stocks will be subject to a transaction tax. For additional details regarding the calculation of the tax, please refer here.
Effective September 1, 2013, derivatives on those Italian securities subject to the transaction tax will similarly become subject to a transaction tax. For additional details regarding the derivative transaction tax, please refer here.

For European stock Algo orders, IB will apply the commission cap as follows:

For EUR-denominated stocks every EUR 75,000 of executed value a new per order cap will be applied
For CHF-denominated stocks every CHF 100,000 of executed value a new per order cap will be applied
For GBP-denominated stocks every GBP 65,000 of executed value a new per order cap will be applied

Asia-Pacific

Our transparent Tiered pricing for stocks, ETFs and warrants includes our low broker commission, which decreases depending on volume, plus exchange, regulatory, and clearing fees. In cases where an exchange provides a rebate, we pass some or all of the savings directly back to you 1. Click here for examples.

Tiered pricing is not available for all exchanges. Please review the list of exchanges offered below.

Singapore - External Fees (per exchange)

IBKR's Tiered commission models are not intended to be a direct pass-through of exchange and third-party fees and rebates. Costs passed on to clients in IBKR’s Tiered commission schedule may be greater than the costs paid by IBKR to the relevant exchange, regulator, clearinghouse or third party. For example, IBKR may receive volume discounts that are not passed on to clients. Likewise, rebates passed on to clients by IBKR may be less than the rebates IBKR receives from the relevant market. For example, IBKR may receive enhanced rebate payments for exceeding volume thresholds on particular markets, but typically will not pass these enhancements directly to clients.

Stocks on the NSE are only available to Indian residents.

IB commissions will be charged only on the opening leg in case of intra-day trades on the NSE (positions opened and closed on the same day). No commissions will be charged on the closing leg, other charges apply on both legs (such as STT, reg fees, exchange fees and etc).

In cases where the IB minimum exceeds the 2.5% of trade value maximum permitted by the Securities Exchange Board of India (SEBI) and the National Stock Exchange (NSE) the minimum will be 2.5% of trade value.

Volumes considered for tiers will include only those trades for which commissions are charged.

In addition, IB will pass through external exchange and clearing costs.

Up to per order value of INR 1,000,000. Portion of order above INR 1,000,000 will be charged 2 bps.

Value tiers are applied based on monthly cumulative trade volume summed across all stock, warrants and ETF shares. This is calculated once daily, not at the time of the trade. As such, execution reductions will start the next trading day after the threshold has been exceeded. Only shares that are traded while under the Tiered pricing structure will count towards the monthly volume. Share volumes for advisor, institution, and broker accounts are summed across all accounts for the purpose of determining volume breaks. These fees are applied on a marginal basis for a given calendar month.

Please note that directed API orders cannot use the Tiered fee structure. Smart-routed API orders can use either the Tiered or Fixed structure.

VAT, also referred to as consumption tax, goods and services tax, where applicable, will be separately applied for eligible services.

Modified orders will be treated as the cancellation and replacement of an existing order with a new order. On certain exchanges, this may have the effect of subjecting modified orders to commission minimums as if they were new orders. For example, if an order for 200 shares is submitted and 100 shares execute, then you modify the order and another 100 shares execute, a commission minimum would be applied to both 100 share orders. Orders that persist overnight will be considered a new order for the purposes of determining order minimums.

Commissions

Stocks, ETFs (ETPs) and Warrants - Tiered Pricing Structure

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